Glonghui, May 11 | CICC released a research report to maintain the “neutral” rating of Aobo Holdings. Due to average midfielders driving the company's self-promotion of casinos to perform better than expected, the 2024 EBITDA forecast was raised by 1% to HK$4.212 billion, while maintaining the 2025 EBITDA forecast basically unchanged at HK$4.822 billion, with a target price of HK$3.3 billion. The report cites Aobo's 1Q24 results. Net revenue reached HK$6.92 billion, up 73% year on year, up 8% month on month, and recovered to 80% of 1Q19 level. The adjusted EBITDA was HK$864 million, slightly higher than Bloomberg's agreed estimate of HK$841 million. The bank believes that the company's better-than-expected performance is mainly due to an increase in the market share of Shanghai Lisboa Resorts, Grand Lisboa, and other self-promoted casinos. Management believes that repairing the balance sheet is a higher priority than resuming dividends. Management expects to open nearly 10 additional casual restaurants and auditoriums (concert venues) in Upper Lisboa by the beginning of 2025.